---
title: The long S&P500 ($SPY) / short US treasuries 20y+ ($TLT) makes a lot of sense from a macro perspective but is very consensual and looks very extended
description: "See ratio below\n\n\"In the end, trees don't grow to the sky, and few things go to zero.\"\nHoward Marks\n\nSource: Guilherme Tavares @i3_invest"
---

[Syz The Moment](https://blog.syzgroup.com/syz-the-moment)

# [The long S&P500 ($SPY) / short US treasuries 20y+ ($TLT) makes a lot of sense from a macro perspective but is very consensual and looks very extended](https://blog.syzgroup.com/syz-the-moment/the-long-hashtagsp500-spy-/-short-hashtagus-hashtagtreasuries-20y)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Dec 26, 2024, 3:13:29 PM

[View full post](https://blog.syzgroup.com/syz-the-moment/the-long-hashtagsp500-spy-/-short-hashtagus-hashtagtreasuries-20y)

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